Analysis

Mining Investments

By KENNEDY MUPESENI

ZAMBIA has in the last three years recorded almost US$10 billion investments which is changing the mining outlook for the better, Mines and Mineral Development permanent Secretary Hapenga Kabeta says.

Dr Hapenga said the last three years had seen increased investment inflows because of a robust mining policy environment.

“Actual mining investment inflows is almost US$10 billion, I am talking about within the mining industry due to improved investor confidence as result of the current mining policy environment,” he said.

Dr Hapenga said the recent Fraser Institute which ranked Zambia as number three in terms of mining investment attractiveness from the 12th place in the world was a testament of the Zambian Government’s efforts to make the country more attractive to investors.

“If you look into your mirror, you can only see yourself, so you let others tell you how you look,so we are excited about the revelations by the Fraser Institute but we want to be the most attractive investment destination,” he said.

Dr Kabeta added that investments in the Zambian economy had kept on coming as witnessed by the recent investment by Copperbelt Energy Corporation (CEC) in solar plants .

The latest Fraser Institute Report, the annual survey of global mining investors, revealed a significant improvement in investors’ sentiment, with Zambia jumping from 12th to third place in investment attractiveness amongst Africa’s mining countries.

The country had dropped off the rankings from 2019 to 2021, re-entering at 58th in the world in 2022 and rising to 34th in the latest 2023 report.

The 2023 report surveyed investors’ opinions of 86 mining jurisdictions around the world and the data was used to populate an Investment Attractiveness Index, as well as a Policy Perception Index.

Although Zambia improved its ranking in both indices from previous years, it did less well in terms of policy perception, ranking sixth out of 12 for Africa’s mining jurisdictions.

And in a statement recently, Zambia Chamber of Mines President Godwin Beene welcomed the improved ranking owing to the steps that the country was taking to become more competitive in attracting mining investment.

“Mining investors have been impressed by the Government’s consistent messaging around increasing mining investment, backed up by key reforms to the mining taxation regime.” Dr Beene said.

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